EA

tio

18%

ao

A
0
1
2
3
4
5
6

VPN
TIR
RENT
TIRM

B
-200000
50000
55000
65000
80000
90000
100000

39,080.13
24%
0.18
22%

-539910.8306
114387.8878
106632.7768
106797.08
111392
106200
100000
105498.914
$

-200000 -539910.831
0
0
0
0
0
0
0
0
0
0
709630
709630
169719.169
62,869.33
24%
0.18
24%

periodo
0
1
2
3
4
5
TIO
vpn
tir
tirm

maquinaC
B
-540
0
55
440
420
600
16.40%
$ 289.17
30%
27%

A
-520
380
330
220
110
80

-580
100
150
320
440
500

$ 286.88
46%
27%

$ 293.20
31%
26%

cupon semestral
bono
tasa ea
Tasa ed
Dia

Flujo
182.5
365
547.5
623

VPN

11%
100000
14%
0.036%

11000
11000
11000
100000

VP
10302.4439
9649.12281
9037.23152
79959.8542
108948.652

CUPON SEMESTRAL
VALOR
TASA EA
TASA ED
TIEMPO DIAS

Dia

Flujo
182.5
365
547.5
730
912.5
1095
1277.5
1400
1460
1642.5
1825

VP AL DIA 1400

8%
100000
15%
0.038%
1825

8000
8000
8000
8000
8000
8000
8000
0
8000
8000
108000

VP EN DIA 0
VP EN DIA 1400
7460.038466
6956.521739
6486.98997
6049.149338
5640.860844
5260.129859
4905.096386
4574.025965 7818.29872
4265.301205 7290.60115
53695.08741 91780.0284

$ 106,888.93

NA/MV
EM
EA
ET
TA
NA/TA

12%
6%
101%
19.10%
16.04%
64.15%

NA/SV (D)
ES (D)
EA(D)
EA(P)

6.00%
3.00%
6.09%
10.33%

D1
TIO EA
GA
VP
VP DON D1

$
$

80,000.00
18%
10%
1,000,000.00
1,168,361

MONTO
50000000
PERIODO MESE
60
TASA EA
18%
Tasa em
1.39%
CUOTA
($ 1,233,670.08)
INTERES A
10%
INTERES M
0.797%
TIEMPO MES
60
PAGOS
59
PAGO 0
350000
VP
$ 16,291,243.96

TASA EA
TASA ET
TAX
COOMISION
PAGOS
tio anual
TIO TRIM

0.2683
0.061220176
35%
6%
250000
30%
7%
0

SALDO
PRESTAMO
AMORTIZACION
INTERES
COMISION
TAX SHIELD
FLUJO

TIR
VPN

1000000

750000

750000

500000

1000000
250000
250000
61220.1757 45915.1318 45915.1318 30610.0879
60000
30000
85281.1845
940000 -61220.1757 -295915.132 -45915.1318 -225328.903

5%
$ 72,338.70

500000

250000

250000

250000
15305.0439 15305.0439

250000
0

30610.0879

31927.0615
-30610.0879 -265305.044 -15305.0439 -218072.938

TIO

PROYECTO A PROYECTO B
-100
-160
10
30
20
30
30
60
50
60
60
70

10%

VPN
TIR

TIO

$ 19.57
16%

VPN
TIR

$ 12.05
16%

-60
20
10
30
10
10

$ 21.59
14%

PROYECTO A PROYECTO B
-100
-160
10
30
20
30
30
60
50
60
60
70

12%

B-A

$ 11.26
14%

$ 2.03
11%

B-A
-60
20
10
30
10
10
($ 0.79)
11%

TURISTAS MENS
PRECIO
BUS
COSTOS DE OP
BUS 2
COSTOS DE OP 2
TIO EA
TIO MENSUAL
VIDA UTIL AOS

350
50000
90000000
835992
97000000
691552.58
15%
0.011714917
84

VP INGRESOS
VP COSTOS OP 1
VP COSTOS OP 2

$ 932,238,945.96
$ 44,533,960.05
$ 36,839,557.04

VP BUS 1
VP BUS 2

$ 797,704,985.91
$ 798,399,388.91

VENTA
400
TIO A
15%
TIO D
0.038%
MAQUINA 1
108000000
COSTO
60
VENTA
32000000
VIDA UTIL
1825
MAQUINA 2
124000000
COSTO
40
VENTA
40000000
VENTAS MENSUALES
458 CAMBIA Y MQ 2 ES MEJOR
VENTAS
VP COSTOS MQ 1
VP COSTOS MQ 2
VP VENTA MQ 1
VP VENTA MQ 2
VP CON MQ 1
VP CON MQ 2

240525773
36078866
24052577.3
15909655.5
19887069.4
112356563
112360265

458

vida util a{os

inversion activos fijos
ktno
depreciacion fijos
inversion anual
venta activos
impuestos
wacc

ao

6
8,000,000,000.00
5000000000
90%
8%
2000000000
35%
15%

UAII
0
1
2
3
4
5
6

0
1
2
3
4
5
6

$ 1,200,000,000.00

uai
2800000000
3500000000
4200000000
4900000000
5600000000
6300000000

$
$
$
$
$
$
$

8,000,000,000.00
8,000,000,000.00
6,800,000,000.00
5,600,000,000.00
4,400,000,000.00
3,200,000,000.00
2,000,000,000.00

ktno
5000000000
400000000
432000000
466560000
503884800
544195584
587731230.7

1820000000
2275000000
2730000000
3185000000
3640000000
4095000000

$
$
$
$
$
$

1,200,000,000.00
1,200,000,000.00
1,200,000,000.00
1,200,000,000.00
1,200,000,000.00
1,200,000,000.00

$
$
$
$
$
$

6,800,000,000.00
5,600,000,000.00
4,400,000,000.00
3,200,000,000.00
2,000,000,000.00
800,000,000.00

activos fijos
deprec
venta
pago por ganan
Flujo
$ 8,000,000,000.00
$ (13,000,000,000.00)
1200000000
2620000000
1200000000
3043000000
1200000000
3463440000
1200000000
3881115200
1200000000
4295804416
1200000000 2000000000 $
420,000,000.00 $
6,287,268,769.28
$ 1,200,000,000.00

VNA
TIR

$ 929,448,088.22
17%

EA%
CREDITO
MONTO
tax
ta

26%
50%
6500000
35%

PRESTAMO
AMORT
0 $ 6,500,000,000.00
1
2
3
4
5
$ 3,250,000,000.00
6
$ 3,250,000,000.00
TIR

Intereses
$
$
$
$
$
$

1,690,000,000.00
1,690,000,000.00
1,690,000,000.00
1,690,000,000.00
1,690,000,000.00
845,000,000.00

ventaja tribu
$
$
$
$
$
$

591,500,000.00
591,500,000.00
591,500,000.00
591,500,000.00
591,500,000.00
295,750,000.00

FLUJO
$ 6,500,000,000.00
$ (1,098,500,000.00)
$ (1,098,500,000.00)
$ (1,098,500,000.00)
$ (1,098,500,000.00)
$ (4,348,500,000.00)
$ (3,799,250,000.00)

FCL
$ (13,000,000,000.00)
$
2,620,000,000.00
$
3,043,000,000.00
$
3,463,440,000.00
$
3,881,115,200.00
$
4,295,804,416.00
$
6,287,268,769.28

FI
$ (6,500,000,000.00)
$ 1,521,500,000.00
$ 1,944,500,000.00
$ 2,364,940,000.00
$ 2,782,615,200.00
$
(52,695,584.00)
$ 2,488,018,769.28

17%

17%

18%

PLAZO
INTERES NA/SV
INTERES ES
INTERES EA
COMISION
AMORTIZACIONES
MONTO
TASA

2 AOS
24%
0.12
0.2544
2% NO DICE (ASUMO ANUAL)
SV
200000000
35%
0

SALDO
CUOTA FIJA
PRESTAMO
INTERESES
AMORT
COMISION
TAX SHIELD
FLUJO IN
TIR
TIR A

PLAZO
INTERES NA/SA
INTERES SA
INTERES ES
INTERES ET
COMISION
AMORTIZACIONES
MONTO
TASA

1
2
$ 158,153,112.74 $ 111,284,599.01
($ 65,846,887.26) ($ 65,846,887.26)

200,000,000.00
24000000
$ 41,846,887.26

$ 18,978,373.53
$ 46,868,513.73
$ 2,225,691.98
$ 16,442,430.74
($ 65,846,887.26) ($ 51,630,148.51)

$ 4,000,000.00
$ 196,000,000.00
9%
0.186807296

4 AOS
28%
0.14
0.162790698
0.078327732
TV
210000000
35%
0

SALDO
CUOTA FIJA
PRESTAMO
INTERESES
AMORT
COMISION
TAX SHIELD
FLUJO IN

210,000,000.00

210,000,000.00 $

TIR
TIR A

PLAZO

5%
0.229797256

3 AOS

16,448,823.73 $ 16,448,823.73

(16,448,823.73) $ (16,448,823.73)

INTERES NA/TV
INTERES ET
AMORTIZACIONES
MONTO
CUOTA FIJA
TAX

28%
7%
TV
120000000
($ 15,108,238.64)
35%
0

SALDO I
SALDO F
CUOTA
PRESTAMO
AMORT
INTERES
TAX SHIELD
FLUJO

120000000
$ 6,708,238.64
8400000
120000000

TIR
TIR A

$ 7,177,815.34
$ 7,930,423.30

($ 15,108,238.64) ($ 15,108,238.64)

5%
0.203188963

MONTO SOLICITADO

$
$

1
2
120000000 $ 113,291,761.36
$ 113,291,761.36 $ 106,113,946.02
($ 15,108,238.64) ($ 15,108,238.64)

200000000
210000000
120000000
174,000,000.00
704,000,000.00

MONTO RECIBIDO
$ 196,000,000.00
$ 210,000,000.00
120000000
$ 174,000,000.00
$ 700,000,000.00

PESO
0.186807296
0.229797256
0.203188963
0.50

0.284090909
0.298295455
0.170454545
0.247159091

3
4
$ 58,791,863.63
$ 0.00
($ 65,846,887.26) ($ 65,846,887.26)
$ 13,354,151.88
$ 52,492,735.38

$ 7,055,023.64
$ 58,791,863.63

$ 7,922,203.62
($ 65,846,887.26) ($ 57,924,683.64)

$ 16,448,823.73 $ 16,448,823.73 $ 16,448,823.73 $ 16,448,823.73 $ 16,448,823.73

$ 23,028,353.22
$ (16,448,823.73) $ 6,579,529.49

#############

#############

#############

3
4
5
6
7
$ 106,113,946.02
$ 98,433,683.60 $ 90,215,802.81 $ 81,422,670.37 $ 72,014,018.66
$ 98,433,683.60
$ 90,215,802.81 $ 81,422,670.37 $ 72,014,018.66 $ 61,946,761.33
($ 15,108,238.64) ($ 15,108,238.64) ($ 15,108,238.64) ($ 15,108,238.64) ($ 15,108,238.64)
$ 7,680,262.42
$ 7,427,976.22
($ 15,108,238.64)

0.053070255
0.068547477
0.034634482
0.123579545
0.279831759

$ 8,217,880.79
$ 8,793,132.44
$ 9,408,651.71 $ 10,067,257.33
$ 6,890,357.85
$ 6,315,106.20
$ 5,699,586.93
$ 5,040,981.31
10727065.08
($ 4,381,173.56) ($ 15,108,238.64) ($ 15,108,238.64) ($ 15,108,238.64)

10

11

12

$ 210,000,000.00 $ 163,281,297.89 $ 163,281,297.89 $ 112,903,225.81

($ 63,167,525.83)
($ 63,167,525.83)
$ 16,448,823.73 $ 16,448,823.73 $ 16,448,823.73 $ 12,789,453.75 $ 12,789,453.75
$ 46,718,702.11
$ 50,378,072.09
$ 23,028,353.22
$ 20,466,794.23
$ 6,579,529.49 $ (16,448,823.73) $ (63,167,525.83) $ (12,789,453.75) $ (42,700,731.60)

8
$ 61,946,761.33
$ 51,174,795.98
($ 15,108,238.64)

9
$ 51,174,795.98
$ 39,648,793.06
($ 15,108,238.64)

10
$ 39,648,793.06
$ 27,315,969.94
($ 15,108,238.64)

11
$ 27,315,969.94
$ 14,119,849.19
($ 15,108,238.64)

12
$ 14,119,849.19
$ 0.00
($ 15,108,238.64)

$ 10,771,965.35
$ 4,336,273.29
7487181.703
($ 7,621,056.94)

$ 11,526,002.92
$ 3,582,235.72

$ 12,332,823.12
$ 2,775,415.51

$ 13,196,120.74
$ 1,912,117.90

($ 15,108,238.64)

($ 15,108,238.64)

($ 15,108,238.64)

$ 14,119,849.19
$ 988,389.44
3240355.5
($ 11,867,883.14)

13

14

$ 112,903,225.81 $
$

58,579,153.59 $
($ 63,167,525.83)
8,843,453.62 $
8,843,453.62 $
$ 54,324,072.22

(8,843,453.62) $ (63,167,525.83) $

15

16

58,579,153.59 $

0.00
($ 63,167,525.83)
4,588,372.25 $
4,588,372.25
$ 58,579,153.59

$ 9,402,278.10
(4,588,372.25) $ (53,765,247.73)

terreno
edificacion
equipos
camion
TIO EA
VIDA UTIL
INGRESOS
GASTOS
TAX

AO 0
AO 1
AO 2
AO 3
AO 4
AO 5
AO 6
AO 7
AO 8
AO 9
AO 10

300000000
480000000
1230000000
240000000
40%
10
800000000
350000000
30%

(Se asume que su valor no se incrementa)

20 aos
24000000 DEPRECIACION ANUAL
10 aos
123000000 DEPRECIACION ANUAL
5 aos
48000000 DEPRECIACION ANUAL
AOS
ANUALES
ANUALES

1
2
3
4
5
6
7
8
9
10

TERRENOS
EDIFICACIONESDEPRE EDI
EQUIPOS
DEPRE EQUIPOS
CAMION
300000000 480000000
1230000000
240000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000
24000000
123000000

480000000
456000000
432000000
408000000
384000000
360000000
336000000
312000000
288000000
264000000

24000000
24000000
24000000
24000000
24000000
24000000
24000000
24000000
24000000
24000000

DEPRECAMIONINGRESOS
48000000
48000000
48000000
48000000
48000000

800000000
800000000
800000000
800000000
800000000
800000000
800000000
800000000
800000000
800000000

456000000
432000000
408000000
384000000
360000000
336000000
312000000
288000000
264000000
240000000
COSTOS
350000000
350000000
350000000
350000000
350000000
350000000
350000000
350000000
350000000
350000000

UAII
450000000
450000000
450000000
450000000
450000000
450000000
450000000
450000000
450000000
450000000

UAI
270000000
270000000
270000000
270000000
270000000
270000000
270000000
270000000
270000000
270000000

VENTA EDIFICIO

240000000

VENTA TERRENO

300000000
VPN

FLUJO
-2250000000
465000000
465000000
465000000
465000000
465000000
417000000
417000000
417000000
417000000
657000000
($ 1,137,555,851.31)

banco mosul
monto
plazo
amortizaciones
interes NA/SA
interes SA
Interes ES
tax

150000000
2 aos
2 ao vencido
12%
0.06
0.063829787
35%
inicio

prestamo
amortizacion
intereses
tax shield
flujo
tir
TIR A
monto
plazo
amortizaciones
interes NA/SV
INTERES SV

PRESTAMO
AMORTIZACION
INTERES
TAX SHIELD
FLUJO
TIR S
TIR A

150000000
9000000

9000000
$

141000000

-9000000

75000000
9000000
9,450,000.00
-74550000

75000000

-4500000

1575000
-73425000

4500000

4.86%
0.099648182
150000000
3 aos
3 ao vencito
16%
0.08
0
150000000

12000000
150000000

-12000000

50000000
12000000
8400000
-53600000

8000000
-8000000

5.27%
0.108217529

MONTO SOLICITADO MONTO RECIBIDO

150000000
141000000
150000000
150000000
128000000
128000000
428000000
419000000

PESO
0.35046729
0.35046729
0.29906542

0.099648182 0.03492343
0.108217529
0.0379267
0.4 0.11962617
0.1924763

50000000
8000000
5600000
-52400000

4000000
-4000000

6
50000000
4000000
2800000
-51200000

aof
ktno
inflacion
venta aof
tax
TIO
venta ktno

10000 vs
5000
8%
3000
38.50%
26%
$ 6,611.98 6611.97635

ao

UAII
0
1
2
3
4
5

UAI

1000 depere anual

aof

ktno
10000

2800
3500
4200
4900
5600

1722
2152.5
2583
3013.5
3444

1800

depreciacion

5000
400
432
466.56
503.8848
544.195584
7346.64038

1800
1800
1800
1800
1800
lo q vende

ao

vi
0
1
2
3
4
5

porcentaje
comision

depre
10000
10000
8200
6400
4600
2800

libros
1800
1800
1800
1800
1800

8200
6400
4600
2800
1000

50%
5%
prestamo
amort
interes
comision
ahorro trib
0
7500
1
1950
375
750.75
2
1950
750.75
3
1950
750.75
4
3750
1950
750.75
5
3750
975
375.375
tir

monto solicitado
7500
7500

monto recibido
7500
7500

17%
24.50%

0.5 0.08718183
0.5
0.1225
0.20968183

venta de ktno ahorro tri

$ 6,611.98

282.845672
734.664084

venta

ganancia oc

flujo

-15000
3122
3520.5
3916.44
4309.6152
700 $ 13,894.63
2000

3000

1
VPN

flujo

fcl
fi
7500
-15000
-7500
-1574.25
3122
1547.75
-1199.25
3520.5
2321.25
-1199.25
3916.44
2717.19
-4949.25
4309.6152
-639.6348
-4349.625 13894.6264 9545.00139
17%

20%

22%

$ (2,261.87)

EQUIPOS
VENTA
INGRESOS
EGRESOS
PRECIO US
DEV
TIO

38000
2000
26000 ANUALES
14000
2000
5% ANUALES
18% EA PESOS